Summary
• Block = A page of a ledger
• Miner = The person who keeps accounts and verifies transactions
• Block generation = The act of writing in the ledger
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Lesson 2:
What are blocks, miners, and block production doing? 🤷♀️🤷🤷♂️
You may have heard that "a large number of miners are mining Bitcoin every day," but what exactly are they "mining"? Why mine?
Imagine the blockchain as a ledger, where each page is a "block."
Miners act as the copyists and referees of the ledger:
1️⃣ First, collect all recent transactions
2️⃣ Verify if the transactions are legitimate
3️⃣ Once this page is written, place it on the chain
4️⃣ Whoever finishes writing first gets a reward (this is "mining")
So, "mining" isn't about digging for gold; it's about helping to keep the ledger and ensuring everyone follows the rules.
• When you hear "mining" or "block rewards," think: it incentivizes someone to help keep the books.
• Don't be fooled by the hype of "mining being highly profitable"; behind mining are technology and costs (electricity, hardware, time).
Share this with that friend who always thinks miners are just "making money."
🔖 In the next lesson, we will discuss:
"Why does block production speed affect transaction speed?"
What are blocks, miners, and block production doing? 🤷♀️🤷🤷♂️
You may have heard that "a large number of miners are mining Bitcoin every day," but what exactly are they "mining"? Why mine?
Imagine the blockchain as a ledger, where each page is a "block."
Miners act as the copyists and referees of the ledger:
1️⃣ First, collect all recent transactions
2️⃣ Verify if the transactions are legitimate
3️⃣ Once this page is written, place it on the chain
4️⃣ Whoever finishes writing first gets a reward (this is "mining")
So, "mining" isn't about digging for gold; it's about helping to keep the ledger and ensuring everyone follows the rules.
• When you hear "mining" or "block rewards," think: it incentivizes someone to help keep the books.
• Don't be fooled by the hype of "mining being highly profitable"; behind mining are technology and costs (electricity, hardware, time).
Share this with that friend who always thinks miners are just "making money."
🔖 In the next lesson, we will discuss:
"Why does block production speed affect transaction speed?"
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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